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Stocks plunge for 2nd day

Stocks extended their losing streak for a third day, as share price correction continued yesterday amid nervy trading, agencies report. DSEX, the benchmark index of Dhaka Stock Exchange, declined 31.8 points or 0.68 percent, before finishing the first day of the week at 4,626.13 points. LankaBangla Securities in its regular analysis said the market players were trading nervously as volatility spiked amid lack of market triggers.

“It seems that the market has entered into a correction phase after gaining almost 200 points by the middle of this month,” the stockbroker said. “Stocks plunged in morning trade spooked by heavy sell pressure on large cap stocks.”  IDLC Investments, a merchant bank, also said the investors’ participation in the market remained sluggish.

Turnover, another important indicator of the market, however, slightly rose 2.2 percent to Tk 427.76 crore, with 15.07 crore shares and mutual fund units changing hands on the DSE. Of the traded issues, 162 advanced and 118 declined with 41 securities closing unchanged on the premier bourse.

Emerald Oil Industries dominated the turnover chart with 38.63 lakh shares worth Tk 25.85 crore changing hands, followed by United Power Generation and Distribution Company, Alltex Industries, C&A Textiles and ITC. Among the major sectors, cement declined 0.55 percent in market capitalisation, followed by fuel and power that fell 0.44 percent and non-banking financial institution 0.36 percent.

Conversely, telecom and banking sectors increased 0.55 percent and 0.11 percent respectively in market capitalisation. Alltex Industries was the day’s best performer with 9.89 percent in gains, while the 5th ICB Mutual Fund was the worst loser, shedding 8.33 percent.

Chittagong stocks closed almost flat yesterday with the bourse’s benchmark index, CSCX, declining only 0.89 points or 0.01 percent to finish the first day of the week at 8,653.5 points. Losers beat gainers as 121 declined, 99 advanced, while 34 finished unchanged on the Chittagong Stock Exchange. The port city bourse traded 1.27 crore shares and mutual fund units worth Tk 30.80 crore in turnover.

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